JWLand proposes 885 residential and build-to-rent apartments in Belconnen town centre

But the developer says the decision to add more than 300 rental-only units will better serve the community and meet the demand for more homes.

Dubbed Belconnen Central, the $450 million development is proposed to include 550 residential apartments and 335 build-to-rent units.

The residential tower will span 24 storeys, while the rental units would be housed in a smaller, 20-storey block.

JWLand purchased the 7125-square-metre car park, known as block 17, section 152, from the Suburban Land Agency in March for $20.5 million.

The CZ2 site is zoned for a number of uses, including multi-unit developments, hotels, serviced apartments and shops.

At the time, the block was marketed as having development potential for a total of 550 dwellings and a large commercial component, such as offices and retail.

But offices will be scrapped for a build-to-rent component which would better meet market needs, Michael Prendergast, head of development, ACT at JWLand, said.

"We are of the impression that, where the market is at the moment, the demand for residential in the town centres is currently outstripping anything for commercial or retail," he said.

"So what we've done is we've just reapportioned that land use back into what we classify as another commercial use, build-to-rent."

Mr Prendergast said recent investment from the ACT government in the rental-only model showed there was demand for it in Canberra.

"We're confident that, a: it's the right product for the right location, and b: that there is demand for it, not only from a rental perspective but also from the institutional investor's perspective to get an asset like this," he said.

READ MORE: Build-to-rent model gains momentum across the ACT

The proposed development would comprise a mix of one-, two- and three-bedroom units, including 92 affordable housing units and five community housing units.

It would also include 180 publicly available car parks, to replace those previously offered on the site.

A range of communal spaces are also planned, including a residents' music room, dog wash area, a co-working room, end-of-trip facilities and a rooftop pilates space.

As per the Suburban Land Agency's sale conditions, the buildings will feature all-electric connections and electric vehicle charging units for each unit.

Lachlan Butler, chair of the Belconnen Community Council, said he was pleased with the level of engagement from JWLand on the project so far.

He said there had been initial concerns about the increase in dwelling numbers and the impact it could have on traffic flow.

"Of course that changes how many people will be going in and out of that area and how many people will be in that building at nighttime and the behaviours there," Mr Butler said.

However, Mr Prendergast said traffic assessment had shown a build-to-rent complex would generate less traffic than offices and retail shops.

"A lot more trips are done to office buildings than they are to residential buildings," he said.

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Mr Butler said large residential developments in Belconnen are a show of confidence in the district, but also raise questions around public amenity.

"It reinforces the need for conversations about playgrounds in Belconnen, access to schools, the conversation regarding the light rail," he said.

"I think we need to be having those conversations about how the future of the town centre looks and how we're actually going to address it, when we have this many dwellings [being proposed]."

Subject to approvals, construction is expected to begin in the fourth quarter of 2023 with completion slated for 2027.

The community is invited to provide feedback at any time throughout the development process.

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